Export-Import Bank Reauthorization Important for Jobs in Fragile Recovery
Washington, DC— Failure to reauthorize the Export-Import Bank could impact the fragile job and economic growth currently underway, said the Financial Services Roundtable (FSR). The Ex-Im Bank enables exporting where private sector financing gaps exist and foreign countries place American companies at an unfair disadvantage. Policymakers should act to sustain existing jobs and grow new jobs without cost to taxpayers by reauthorizing the Ex-Im Bank.
“Our economy is still fragile and now is not the time to stop a program that has clearly succeeded in its mission to grow good American jobs by encouraging exports,” FSR President & CEO Tim Pawlenty.
The Export-Import Bank supported $37.4 billion in exports in 2013 and has assisted in creating or sustaining more than 1.2 million U.S. jobs over the last five years. Currently, nearly 60 competing countries are competing and winning deals due to the export credit financing they offer.
The Ex-Im Bank’s authorization expires on September 30 and companies are already seeing business challenges as international customers lack certainty in the Ex-Im debate outcome.
The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRoundtable.org.